The G7 finance ministers confirmed plans to set a “price ceiling” for Russian oil, and according to US media, the plan would allow buyers of Russian oil at a specified price to continue accessing vital services, such as financing and insurance for tankers.
Bloomberg describes this as a “gambit” through which the United States hopes to ease energy market pressures and reduce Russia’s total revenue from crude oil.
The leaders of the Group of Seven major industrialized countries pledged earlier this June to study a plan to set a price ceiling, but they did not provide much support outside the United Kingdom.